Are underworld tactics creeping in to the under regulated structured settlement secondary market? Perhaps they are if this January 2013 account of a member of the secondary market is to believed. [The written backup has been preserved].
"A while back the CEO of another (factoring) company, after going to great effort to ensure they could tell me this face to face, stated that he would ‘…never under any circumstances let anyone compete with him.” I’ve since heard reports of this statement being made to others. This company is well known to engage in the bad business practices our industry needs to avoid. The entire story of this meeting would revel the desperate and menacing nature of this individual. However, I prefer to omit their name. I’m here to do good business. By doing just that you can marginalize the harm the shady characters out there do to the secondary market’s image".
The individual is referring to someone who upon information and belief is a current member of the National Association of Settlement Purchasers. The fact that the informant has heard other reports of menacing the competition conducted by the same factoring CEO says alot of the secondary marketplace and its need for improvement.
Stay tuned for future blog posts and developments on this topic.